Chondropeptix closes first finance round of €1 million to develop new disease-modifying treatment for osteoarthritisoctober 28, 2019
Chondropeptix announces the closure of a €1 million financing round to enable the first steps in the development of a new disease-modifying treatment for osteoarthritis, with the potential to slow down the disease process.
Chondropeptix will develop a lead compound based on a bioactive peptide, derived from growth factor BMP7, to reduce cartilage breakdown in early osteoarthritis which is suitable for local treatment of affected joints. The €1 million investment in Chondropeptix is made by convertible loans from ReumaNederland, LIOF NV Brightlands Life Sciences Ventures.
“This investment will enable Chondropeptix to make the first steps in developing an innovative drug that potentially inhibits osteoarthritis disease progression and may improve the quality of life of patients with this debilitating disease. We are delighted that ReumaNederland, LIOF and Brightlands Life Sciences Ventures co-invest in Chondropeptix to bring this potential new treatment closer to patients says Yvo Graus, CEO of Chondropeptix”.
“The financing of Chondropeptix is a good example of the power of the startup ecosystem around the Brightlands Maastricht Health Campus. In close collaboration with the Brightlands Maastricht Health Campus, LIOF and the inventors, Chondropeptix was able to present an interesting proposition to ReumaNederland, the main investor, says Jan Cobbenhagen, CEO Brightlands Maastricht Health Campus”.
Corné Baatenburg de Jong, Associate Director of ReumaNederland says: “ReumaNederland is proud that this collaborative result has been achieved by all parties. This collaborative effort bringing together various perspectives and capabilities, shows that investing in improving treatment of osteoarthritis is considered to be of significant importance”.
Tys van Elk, director of LIOF added: “LIOF’s Limburg Business Development Fund (LBDF) actively supports early stage innovative companies in Limburg with a strong growth potential. We are excited to have made the investment in Chondropeptix together with Brightlands and ReumaNederland. Chondropeptix is an outstanding example of a therapeutic innovation that can have a strong impact on patients’ lives. In addition, our strategic investment further strengthens the ecosystem of the Brightlands Maastricht Health Campus”.